Here comes the Beige Book ...

The Federal Reserve will release its latest Beige Book at 2 p.m. ET.

This compilation of economic anecdotes from its 12 districts was prepared ahead of the Fed's policy meeting in June.

The anecdotes informed the discussion at the Fed's two-day meeting, highlighting key areas like employment, manufacturing and housing.

It's no hard-data, but the anecdotes usually provide some insights into what's happening on a micro level across the country that the big economic releases usually gloss over. Details like that are sometimes called 'anecdata.'

The Fed did not raise rates at the June meeting, to virtually no one's surprise. But the number of Fed officials who expected only one rate hike this year rose from one to six.

The weak jobs report in May made the Fed concerned about the labor market, although chair Janet Yellen said the committee did not want to attach too much importance to one month's data.

We'll have the highlights of the Beige Book and its full text at the top of the hour, so refresh this page for updates.